(Alpha Stock Images)

British Columbia’s economy is forecast to remain strong through 2020

Central 1 Credit Union says 2017 was a year of ‘stellar growth,’ and momentum will continue

B.C. is predicted to have solid economic growth through 2020 by a trade association of credit unions.

Central 1 Credit Union says 2017 was a year of “stellar growth” and the positive momentum will continue in B.C. for the next 24 months, despite a slower housing market.

The new forecast calls for a three per cent growth in the province’s real gross domestic product, which is the inflation-adjusted value of all goods and services produced in B.C.

Growth is expected to slow to just over two per cent next year, but Central 1 economists are calling for a rebound to 3.3 per cent by 2020, marking what they say has been “more than a decade of uninterrupted annual growth.”

Federal lending restrictions, provincial government policies and stepped up home construction will combine to keep a lid on B.C.’s housing market, but Central 1 does not foresee a price correction.

Bryan Yu, deputy chief economist at Central 1, says warning flags include trade disruptions due to trade wars or disputes over renewal of the North American Free Trade Agreement, but he says B.C.’s exports are spread across the province, limiting some of the risk.

Yu also forecasts faster wage growth for B.C. workers, as average unemployment moves toward four per cent over the next two years.

“Employers will face increasing challenges in finding workers to support operations as employment is constrained by growth in the labour force due to an aging population,” he says in a news release.

Overall, Yu predicts a surge in investment by the end of the decade as major private and public works projects get underway.

“B.C.’s economy remains in a strong position with consumer demand underpinned by high employment and income growth, rising exports and government spending,” he says.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

East Kootenay Open this weekend

Fernie tennis players are warming up for the biggest tournament east of the Okanagan.

Community spirit shines at centennial

Hundreds have helped mark Fernie Golf Club’s 100th anniversary

SAR rescues injured dog after fall

A rope technician was able to reach the dog after being lowered nearly 90 metres down the cliffs.

Fernie-born location manager honoured

Rino Pace has scouted the locations for roughly 50 films, including X-Men, Inception and Deadpool.

South Country firefighters called out twice Thursday

Shortly after tackling a wildfire near Baynes Lake, firefighters were called out to a structure fire in Elko

REPLAY: B.C.’s best video this week

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

Riptide, CVUSC paved the way for varsity soccer players

Chloe Gummer has become a leader at VIU

B.C. woman disappointed after family asked for ID at townhouse complex pool

Surrey woman says it’s not the first time she has experienced racial profiling at the complex

Park pipeline protesters say arrest is a ‘declaration of war’

Group behind North Thompson River Provincial Park occupation protest says arrest is ‘declaration of war’

A day of deals at Amazon, and at its rivals

Online retail giant extends annual ‘Prime Day’ promotion to 36 hours

Alert B.C. campers raise alarm and avert potential propane disaster

Salmon Arm camper lodges a complaint with Technical Safety BC after motorhome tank is over-filled.

Non-union construction industry fears exclusion in B.C.

Premier John Horgan announces new Crown corporation for public works

UPDATED: Putin says he wanted Trump to win in 2016, didn’t interfere

The two leaders arrived Monday at Helsinki’s presidential palace for a long-awaited summit

In TV interview, Trump claims queen called Brexit ‘complex’

Asked the queen’s view on Brexit, Trump said: “She said it’s a very complex problem.”

Most Read